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20110701
20110731
Search Results 0 to 6 of about 7 (some duplicates have been removed)
security check riding on the outcome. abc's jon karl joins us now, from washington, with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal with the house speaker, john boehner. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security. also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes. that's something that congress would act on over this last year. >> that last one, isn't that disguise? a tax increase in >> reporter: well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts. possibly, elizabeth, they're talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they hav
and jon karl have been tracking it. let's start with jake. >> reporter: last night aftete their primetime addresses, house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president of the united states after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded by saying that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend morerend you pay more. >> reporter: right now there a a two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a a nate one that cannot likely pass the house. both raise the debt ceiling, cut more than $1 tril
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
mitt romney and jon huntsman met face to face. what did they say? >> it was a nice exchange, a nice greeting. wishing each other luck and being friends. that's the way that all the candidates on the republican side should be. >> reporter: halfway across the country in clear lake, iowa, two other candidates enjoyed the same parade though hardly the same crowds. >> hi there. happy fourth of july. >> reporter: the surging michele bachmann was surrounded by a sparkly throng of supporters and a sparkly new campaign bus. newt gingrich was surrounded by his wife and this sign. the fourth is a glorious day for all americans including candidates. for them, it may be a chance to take a break from their recent big obsession, cash. mitt romney expects to come in somewhere south of 20 million. tim pawlenty, jon huntsman and ron paul all way souththf that. around 4 million apiece. meanwhile, president obama could raise as much as 60 million, though he spent the day with men and women whose value is beyond priceless. >> i cannot think of anybody i would rather celebrate with than all of you, the m
and social security in return for republicans accepting major changes in the tax code. abc's jon karl joins us from washington. all talks secret up until now. what more do we know about what president obama and the speaker of the house have been discussing? >> reporter: we know they're talking about a big deal here, george. as you mentioned, this would mean that the president would go along with reductions in spending to social security and medicare. most likely cost of living increases going down. and in exchange, republicans would accept some increase in tax revenues as part of an overhaul of the tax code. as one top administration told me, we need to do something unthinkable on entitlements. they need to do something unthinkable on taxes. >> unthinkable may be the word. these talks have been going on between the president and speaker boehner. but there hasn't been a lot of discussion among the wider conferences in the house and the senate democrats and republicans. and i guess the big question coming out of today's meeting, when other leaders find out about it, is it something they can w
Search Results 0 to 6 of about 7 (some duplicates have been removed)